PLEASE NOTE : If you have a specific question in mind, hold down CTRL + F on your key pad and then type in a key word. This will then take you to each part of the article that contains that key word. Based on information available at (29/02/2020) Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but [...]
Last night’s announcement was the one most were waiting for, but we are aware there are still many unanswered questions. We would like to thank you for your patience on answers which simply do not exist or have not been decided yet. We have done a summary below of last nights briefing. Yesterday the government announced that millions of self-employed individuals will benefit from a ground-breaking UK-wide scheme to help them during the coronavirus outbreak via direct cash grant of 80% of their profits, up to £2,500 per month. In the latest step to protect individuals and businesses, Rishi Sunak [...]
Update on Furlough Leave with worked example. Written 26/03/2020 as an adaptation from ICAEW interpretation of HMRC guidance. Furloughed members of staff must not work for the employer during the period of furlough. Furlough is from 1 March 2020, so is to be backdated. It will last for at least 3 months and will be extended if necessary. Note that while the scheme is backdated to the beginning of March as it is intended to support all those employed then, a firm will only be eligible to claim the grant once they have agreed the furlough with their staff and [...]
This evening the chancellor Rishi Sunak will be joining the prime minister for his daily conference. It has been confirmed that the help available for self employed workers will be the main topic. We will have more information on this tomorrow. We would also like to go into further detail regarding schemes you may find useful. VAT Deferral As stated in a previous update , this is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period (20 March 2020 until 30 June 2020). Taxpayers will be given until the end [...]
THE CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (CBILS) IS NOW AVAILABLE THROUGH PARTICIPATING LENDERS Written 23 March 2020 INTRODUCTION CBILS is a new scheme, announced by The Chancellor at Budget 2020, that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance. The scheme provides the lender with a government-backed guarantee potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. [...]
See below information regarding furlough leave for staff.
GOVERNMENT SUPPORT FOR BUSINESSES – THE PACKAGE On Friday 20th the Chancellor set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19. The package of measures to support businesses includes: Coronavirus Job Retention Scheme Deferring VAT and Income Tax payments A Statutory Sick Pay relief package for SMEs A 12-month business rates holiday for all retail, hospitality and leisure businesses in England Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief Grant funding of £25,000 for retail, [...]
Firstly, we would like to reassure all our clients that the high level of service we provide will be maintained throughout these uncertain times. In accordance with the government’s orders, it is with a heavy heart we have decided to close the office itself but all team members are still working from home and will be contactable via email. Calls have also been placed on divert so we are still able to offer the same outstanding client service that we always have - please call (01482) 646440 If you would like direct Contact with Richard Lacey and Richard Tucker their [...]
An article on the rates relief available as announced in the Spring Budget 2020 and extended version for the impact of COVID-19.
Listed below government websites where you can access the latest information. Government action plan: https://www.gov.uk/government/publications/coronavirus-action-plan Guidance on social distancing and stay at home: https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response Travel advice: https://www.gov.uk/guidance/travel-advice-novel-coronavirus Support for businesses: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses Tax helpline to support businesses who are concerned about paying their taxes: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19 Guide for employees, employers and businesses: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19 Budget 2020: tax-related documents: https://www.gov.uk/government/collections/budget-2020-tax-related-documents NHS Coronavirus (COVID-19): https://www.nhs.uk/conditions/coronavirus-covid-19/